All Forum Posts by: Sheryl Griffin

@Account Closed  Yes, we made the offer on the defects that were obvious.  We did not know all electrical wiring would need replaced since we cannot see what we cannot see until inspection and of course did not know about the mold.

Made offer on a house - offer accepted.  Now I'm in the 10-day inspection period (per the contract), and inspection and contractors find "mildew" - indicating potential mold exists - throughout the home.  Plumbing, electrical and HVAC all need completely replaced...this part we had a good idea of, but the excess costs including the mold are escalating beyond what we budgeted for since this is a 3,000 sf house.  So we asked for a price reduction on our 9th day with a 24 hour response.  The seller wants 3 days to look into it (this was verbal from their realtor, not in writing), get contractors, etc.  If mold exists, and seller did not disclose, only put N/A in contract, their Realtor says I signed a contract that says "as is".  If that's the case, then what's the 10-day inspection period in the contract for?  We are just 19 days away from closing...that will put us at 16 days from closing.  The profit potential is good, but it's a very old house, too, and even the contractor says to allow a larger cushion for more potential we find along the way.  I'm asking for a $15K price reduction.  I'm also thinking of wholesaling as my exit.  I fix and flip and do buy/holds - I've never done a wholesale.  

Questions:  

• Can seller ask for more than 24 hours to respond - not in writing?
• If we decide to walk should I wait until their response or move on?
• Since this is a "major defect" found during inspection, am I due the EMD back?
• Is this sufficient time remaining to do a wholesale?
• Suggestions?

Hi!

We are looking at renovating a 2900 sf house in metro Indianapolis. We are searching for a recommended general contractor who has worked with investors and/or fix and flips. If you are a contractor or know of a contractor, please message me! We are in the beginning stages of the process.

Thanks!

@David Dachtera You are right on! Thank you so much. Since this thread, I have since opened a C-Corp, obtained the business bank account, and working toward the trust as well as using my "Investments, LLC" as the DBA. I truly appreciated your suggestions and assistance.

We are investors interested in fixers and looking for a local realtor in Houston, TX  who can help us locate fixer properties on the MLS and re-list them after rehab.

Please PM me if you can help or know someone who can.

Thanks!

@Andrew Postell thank you!  

Update: Problem solved. Went to another bank, in and out in 20 minutes, even used my "Investments, LLC". When asked what I do, I simply stated: "Residential Leasing" and "Residential property rehabilitation".

@Bob Derwin and @Michael Lee thanks!  

Update: I opened up the bank account yesterday AT A DIFFERENT BANK and was in and out in 20 minutes. I also used my LLC with the word "Investments" in it, and no problems. When asked what I do, I simply said, "Residential Leasing" and "Residential property rehabilitation". Very simple. Thanks all for the help.

@Patrick Liska  Thank you for responding to my request for assistance!  Apparently, the banks are dealing with investors in the U.S. sending money overseas to foreign banks which has posted a red flag anytime the word "Investments" is used in banking. Per suggestion from head banker, I need to either remove "Investments" from my entity or just elaborate on what I do "Residential Leasing" and "Residential property rehabilitation" per @Jeff Bridges' suggestion.  The banker has to ask what we're doing to see which bank account suits us best for our goals.

 Yes, they needed more information on how to direct my steps toward my goal of what bank account suits my business best.  However, I like your suggestion of "residential property rehabilitation and residential leasing" since that's what we do!  That should suit just fine - and yes, I'm going to another bank.  Thank you!

 Yes, they gave me an explanation.  Dealing with many investors here in the U.S. sending money overseas to foreign banks has posted a red flag anytime the word "Investments" is used in banking.  Thank you for responding to my request for assistance!